LIC Jeevan Labh Plan 936
Insurance and savings both play an important role in long-term financial planning. LIC Jeevan Labh Plan 936 was introduced as a policy that combined life insurance protection with disciplined savings benefits.
What is LIC Jeevan Labh Plan 936?
LIC Jeevan Labh Plan 936 is a limited premium-paying, with-profits endowment insurance policy offered by the Life Insurance Corporation of India. The plan was designed to provide financial protection to the policyholder’s family in case of an unfortunate event while also offering maturity benefits upon survival until the end of the policy term.
It is a traditional non-linked insurance policy, meaning the returns are not connected to stock market performance.
Main Features of LIC Jeevan Labh Plan 936
- Combination of insurance protection and long-term savings
- Traditional non-linked insurance plan without market risk
- Participation in LIC bonuses through with-profits structure
- Higher bonus potential compared to some traditional LIC policies
- Limited premium payment feature where premiums are paid for fewer years than the overall policy term
- Maturity benefit payable on survival until policy maturity
- Financial protection for family through death benefits
Optional Riders Available Under LIC Jeevan Labh Plan 936
Policyholders could enhance coverage by selecting optional riders such as:
- Accidental Death Benefit Rider
- Critical Illness Rider
- Premium Waiver Benefit Rider
- Term Assurance Rider
These riders provided additional financial protection by paying extra premium.
Launch and Withdrawal Details of LIC Jeevan Labh Plan 936
When Was LIC Jeevan Labh Plan 936 Launched?
LIC Jeevan Labh Plan 936 was officially launched on February 1, 2020.
When Was LIC Jeevan Labh Plan 936 Withdrawn?
The plan was withdrawn from new sales on October 1, 2024, and is no longer available for fresh policy purchases.
Understanding these dates is important for existing policyholders who want to calculate maturity benefits, premium details, or policy status under LIC Jeevan Labh Plan 936.
Eligibility Criteria for LIC Jeevan Labh Plan 936
What Are the Eligibility Conditions for LIC Jeevan Labh Plan 936?
| Parameter | Details |
|---|---|
| Minimum Entry Age | 8 years completed |
| Maximum Entry Age | 59 years for 16-year term |
| 54 years for 21-year term | |
| 50 years for 25-year term | |
| Maximum Maturity Age | 75 years |
| Policy Term Options | 16 years, 21 years, and 25 years |
| Premium Payment Terms | 10 years, 15 years, and 16 years depending on policy term |
| Basic Sum Assured | ₹2,00,000 and above in multiples of ₹10,000 |
Features of LIC Jeevan Labh Plan 936
Limited Premium Payment Feature
LIC Jeevan Labh Plan 936 offered limited premium payment options where premiums were payable only for:
- 10 years
- 15 years
- 16 years
depending on the selected policy term.
Life Insurance Protection
The plan provided financial security to the policyholder’s family in case of death during the policy term.
Bonus Benefits
As a with-profits participating policy, LIC Jeevan Labh Plan 936 offered:
- Simple Reversionary Bonuses declared annually
- Final Additional Bonus payable at maturity or claim settlement if applicable
These bonus additions increased overall policy benefits.
Loan Facility
Policyholders could avail loans against the policy after payment of at least two full years’ premiums according to LIC rules.
Surrender Value Benefit
The policy acquired surrender value after payment of at least two years’ premiums, allowing policyholders to surrender the policy if required.
Tax Benefits
- Premiums paid qualified for tax deductions under Section 80C of the Income Tax Act
- Maturity and death benefits remained tax-free under Section 10(10D) subject to prevailing tax laws
Settlement Option Under LIC Jeevan Labh Plan 936
Policyholders could choose to receive maturity benefits in installments over:
- 5 years
- 10 years
- 15 years
instead of taking the full amount as a lump sum.
Optional Riders Available with LIC Jeevan Labh Plan 936
Additional protection could be added through optional riders including:
- Accidental Death and Disability Benefit Rider
- Term Assurance Rider
- Premium Waiver Benefit Rider
These riders enhanced overall insurance coverage through payment of additional premium.
Benefits of LIC Jeevan Labh Plan 936
Maturity Benefits
If the life assured survives until the end of the policy term, the maturity benefit payable includes:
- Basic Sum Assured
- Accumulated Simple Reversionary Bonuses declared annually
- Final Additional Bonus if applicable
Death Benefits
In case of the policyholder’s death during the policy term, the nominee receives:
- Higher of the Basic Sum Assured or 7 times the annualized premium
- Accumulated Simple Reversionary Bonuses until death
- Final Additional Bonus if applicable
Rider Benefits (Optional)
Accidental Death and Disability Benefit Rider
This rider provides additional sum assured in case of accidental death. If permanent disability occurs due to an accident, future premiums for the base policy and rider may be waived, and monthly installments are paid over 10 years.
Term Rider
An additional sum assured becomes payable if death occurs during the policy term.
Using LIC Jeevan Labh Plan 936 Calculator
LIC Jeevan Labh Plan 936 Calculator helps policyholders estimate premiums, maturity benefits, and death benefits based on selected policy details.
What Does LIC Jeevan Labh Plan 936 Calculator Do?
The calculator helps in:
- Calculating premium amounts based on age, policy term, and sum assured
- Estimating maturity benefits including bonuses
- Projecting death benefits
- Evaluating additional rider premiums if optional riders are selected
How to Use LIC Jeevan Labh Plan 936 Calculator
Step-by-Step Process
- Enter your age within the eligible range of 8 years to 59 years
- Select the desired policy term:
- 16 years
- 21 years
- 25 years
- Choose the applicable premium payment term
- Enter the Basic Sum Assured with minimum ₹2,00,000
- Select premium payment mode:
- Yearly
- Half-yearly
- Quarterly
- Monthly
- Add optional riders if additional protection is required
- View estimated premium, maturity, and death benefit calculations
Using the calculator allows individuals to better understand policy affordability and expected returns before purchasing the policy.
Premium Payment Modes and Rebates
Premium Mode Rebates Available Under LIC Jeevan Labh Plan 936
| Premium Payment Mode | Rebate Percentage |
|---|---|
| Yearly | 2% |
| Half-yearly | 1% |
| Quarterly | No rebate |
| Monthly | No rebate |
Higher sum assured values may also qualify for additional premium rebates.
Loan and Surrender Facilities
Loan Facility
Policyholders can avail loans against the policy after payment of at least two full years’ premiums.
Surrender Facility
The policy can be surrendered after payment of at least two years’ premiums. The surrender value depends on premiums paid and bonuses accumulated under the policy.
These facilities provide flexibility during financial emergencies or liquidity needs.
Important Points to Remember
- The policy offered a free-look period of 30 days from receipt of policy documents
- If premiums stopped after payment of at least one year’s premium, the policy became paid-up with reduced benefits
- Tax benefits were available under Sections 80C and 10(10D)
- Full policy benefits required timely premium payment until maturity
- Since the policy was withdrawn in October 2024, new purchases are no longer allowed, but existing policies continue normally
Summary of LIC Jeevan Labh Plan 936
| Feature | Details |
|---|---|
| Plan Type | Limited Premium Paying Endowment Plan |
| Launch Date | February 1, 2020 |
| Withdrawal Date | October 1, 2024 |
| Entry Age | 8 years to 59 years |
| Policy Terms | 16 years, 21 years, 25 years |
| Premium Payment Terms | 10 years, 15 years, 16 years |
| Minimum Sum Assured | ₹2,00,000 |
| Premium Payment Modes | Yearly, Half-yearly, Quarterly, Monthly |
| Bonuses | Simple Reversionary Bonus and Final Additional Bonus |
| Loan Facility | Available after 2 years |
| Surrender Facility | Available after 2 years |
| Riders Available | Accidental Death Rider, Term Rider, Premium Waiver Rider |
| Tax Benefits | Available under Sections 80C and 10(10D) |
Frequently Asked Questions
What is LIC Jeevan Labh Plan 936?
LIC Jeevan Labh Plan 936 is a limited premium paying endowment insurance plan that combines life insurance coverage with savings and bonus benefits.
When Was LIC Jeevan Labh Plan 936 Launched?
The plan was launched on February 1, 2020, and later withdrawn on October 1, 2024, for new policy sales.
What Are the Policy Terms and Premium Payment Terms?
The policy offered terms of 16 years, 21 years, and 25 years with corresponding premium payment terms of 10 years, 15 years, and 16 years.
What Are the Eligibility Conditions Under LIC Jeevan Labh Plan 936?
The minimum entry age was 8 years, while the maximum entry age depended on the selected policy term. The minimum sum assured available was ₹2,00,000.
What Benefits Are Payable at Maturity?
On survival until maturity, the policyholder receives:
- Basic Sum Assured
- Accumulated Simple Reversionary Bonuses
- Final Additional Bonus if applicable
What Happens if the Policyholder Dies During the Policy Term?
The nominee receives the higher of:
- Basic Sum Assured, or
- 7 times annualized premium
along with accumulated bonuses and Final Additional Bonus if applicable.
Is Loan Facility Available Under LIC Jeevan Labh Plan 936?
Yes, loans can be availed after payment of at least two full years’ premiums.
Conclusion
LIC Jeevan Labh Plan 936 remained a reliable traditional endowment insurance policy offering a balanced combination of insurance protection and long-term savings benefits. Although the plan was withdrawn in October 2024, existing policyholders continue enjoying policy benefits and bonus participation.
The LIC Jeevan Labh Plan 936 Calculator serves as a valuable tool for estimating premiums, maturity value, and death benefits, helping individuals make informed financial planning decisions.
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